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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-112

Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities. Except as provided in Section 7-5-109 , Title 75B, Trusts, or as authorized under the instrument creating the…

Source excerpt

asset handlinginvestment decisionsinvestment policiesinvestment restrictionspolicies and procedurespolicy and procedure compliancerelated-party transactionssecurity trading controlssecurity transactionsself-dealingtrust company compliancetrust propertytrust securities
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities. Except as provided in Section 7-5-109 , Title 75B, Trusts, or as authorized under the instrument creating the relationship, a”

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Subsection 7-5-112(1)(a)

invest funds the trust company holds as an agent or fiduciary in stock or obligations of the trust company or any of the trust company's directors, officers or employees;

Section 7-5-112(1)(a)

Subsection 7-5-112(1)(c)

sell property the trust company holds as an agent or fiduciary to the trust company or to any of trust company's directors, officers, or employees.

Section 7-5-112(1)(c)

Subsection 7-5-112(3)

A trust company must adopt written policies and procedures for decisions or recommendations to buy or sell securities, consistent with federal and state securities laws.

Section 7-5-112(3)

Subsection 7-5-112(3)(b)

A trust company must not use material inside information when making or recommending a decision to buy or sell any security.

Section 7-5-112(3)(b)

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 9 of 9 provisions

Provision 9

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-112Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities.Provision

Source excerpt

Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities. Except as provided in Section 7-5-109 , Title 75B, Trusts, or as authorized under the instrument creating the relationship, a

Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities. Except as provided in Section 7-5-109 , Title 75B, Trusts, or as authorized under the instrument creating the relationship, a trust company may not: invest funds the trust company holds as an agent or fiduciary in stock or obligations of the trust company or any of the trust company's directors, officers or employees; use funds the trust company holds as an agent or fiduciary to acquire property from the trust company or any of the trust company's directors, officers, or employees; or sell property the trust company holds as an agent or fiduciary to the trust company or to any of trust company's directors, officers, or employees. A trust company may retain and vote stock of the trust company or of any of the trust company's affiliates the trust company receives as assets of any trust account or in any other fiduciary relationship for which the trust company is appointed agent or fiduciary, unless the instrument creating the relationship otherwise provides. A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security in accordance with federal and state securities laws. The policies and procedures described in Subsection (3)(a) shall prohibit the trust company from using material inside information in connection with any decision or recommendation to purchase or sell any security.
Section 7-5-112Verify source
§ 7-5-112(1)Subsection 7-5-112(1)Provision

Source excerpt

A trust company generally may not invest, use, or sell fiduciary funds or property in transactions involving itself or its directors, officers, or employees, except as allowed by Section 7-5-109 or the trust instrument.

Except as provided in Section 7-5-109 , Title 75B, Trusts, or as authorized under the instrument creating the relationship, a trust company may not: invest funds the trust company holds as an agent or fiduciary in stock or obligations of the trust company or any of the trust company's directors, officers or employees; use funds the trust company holds as an agent or fiduciary to acquire property from the trust company or any of the trust company's directors, officers, or employees; or sell property the trust company holds as an agent or fiduciary to the trust company or to any of trust company's directors, officers, or employees.
Section 7-5-112(1)Verify source
§ 7-5-112(1)(a)Subsection 7-5-112(1)(a)Provision

Source excerpt

invest funds the trust company holds as an agent or fiduciary in stock or obligations of the trust company or any of the trust company's directors, officers or employees;

invest funds the trust company holds as an agent or fiduciary in stock or obligations of the trust company or any of the trust company's directors, officers or employees;
Section 7-5-112(1)(a)Verify source
§ 7-5-112(1)(b)Subsection 7-5-112(1)(b)Provision

Source excerpt

The trust company’s agent or fiduciary funds may be used to acquire property from the trust company or from its directors, officers, or employees.

use funds the trust company holds as an agent or fiduciary to acquire property from the trust company or any of the trust company's directors, officers, or employees; or
Section 7-5-112(1)(b)Verify source
§ 7-5-112(1)(c)Subsection 7-5-112(1)(c)Provision

Source excerpt

sell property the trust company holds as an agent or fiduciary to the trust company or to any of trust company's directors, officers, or employees.

sell property the trust company holds as an agent or fiduciary to the trust company or to any of trust company's directors, officers, or employees.
Section 7-5-112(1)(c)Verify source
§ 7-5-112(2)Subsection 7-5-112(2)Provision

Source excerpt

A trust company may retain and vote certain stock it holds as trust or fiduciary assets, unless the trust instrument says otherwise.

A trust company may retain and vote stock of the trust company or of any of the trust company's affiliates the trust company receives as assets of any trust account or in any other fiduciary relationship for which the trust company is appointed agent or fiduciary, unless the instrument creating the relationship otherwise provides.
Section 7-5-112(2)Verify source
§ 7-5-112(3)Subsection 7-5-112(3)Provision

Source excerpt

A trust company must adopt written policies and procedures for decisions or recommendations to buy or sell securities, consistent with federal and state securities laws.

A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security in accordance with federal and state securities laws. The policies and procedures described in Subsection (3)(a) shall prohibit the trust company from using material inside information in connection with any decision or recommendation to purchase or sell any security.
Section 7-5-112(3)Verify source
§ 7-5-112(3)(a)Subsection 7-5-112(3)(a)Provision

Source excerpt

A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security in accordance with federal and state securities laws.

A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security in accordance with federal and state securities laws.
Section 7-5-112(3)(a)Verify source
§ 7-5-112(3)(b)Subsection 7-5-112(3)(b)Provision

Source excerpt

A trust company must not use material inside information when making or recommending a decision to buy or sell any security.

The policies and procedures described in Subsection (3)(a) shall prohibit the trust company from using material inside information in connection with any decision or recommendation to purchase or sell any security.
Section 7-5-112(3)(b)Verify source

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